Debenhams annual profit inches up in tough retail environment

The company, whose new chief executive Sergio Bucher started earlier this month, reported pretax profit for the year ended Sept. 3 of 114.1 million pounds ($139 million), compared to the 113.5 million it made last year, and in line with a consensus forecast.Reuters | October 27, 2016, 12:59 IST

LONDON: Debenhams, Britain's second-largest department store group, said annual profit inched up 0.5 percent as it struggled to grow in a tough retail environment in 2016.

The company, whose new chief executive Sergio Bucher started earlier this month, reported pretax profit for the year ended Sept. 3 of 114.1 million pounds ($139 million), compared to the 113.5 million it made last year, and in line with a consensus forecast.

Debenhams, second to John Lewis by annual revenue, said its strategy to rebalance the business away from clothing sales was working and it would share its longer term plans under its new CEO in spring 2017.

The retailer, which trades from 253 stores across 27 countries, named Amazon fashion executive Bucher as its new boss in May, citing his e-commerce and international expertise.